BEIJING -- The total assets of China's insurance sector amounted to 28.4 trillion yuan ($4.04 trillion) at the end of the first quarter of 2023, official data revealed.

The figure was up 4.5 percent from the beginning of the year, according to the National Financial Regulatory Administration.

The insurance sector's premium income expanded 9.2 percent year-on-year to 1.9 trillion yuan in the first three months, the data showed.

Their expenditure on compensation and payment reached 493.2 billion yuan during the period, up 9.3 percent year-on-year.